June 30, 2009

U.S. home prices continue to decline

The home prices index for 20 U.S. metropolitan regions dropped in April for the 33rd consecutive month, a closely watched housing index said.

The 20-city index fell 0.5 percent in April compared to March, a smaller decline than most recent months. But the index has fallen 32.6 percent since August 2006, when the prices began their descent.

The S&P/Case-Shiller home price indexes report, released in Washington, noted house prices declined sharpest in the pre-recession building boom areas of Las Vegas and Phoenix. But prices also fell sharply in New York City and Detroit.

Prices rose in San Francisco, Denver, Washington, Atlanta, Boston, Cleveland and Dallas, the report said.